(San Francisco, CA) - PG&E
Corporation (NYSE: PCG) reported today that its business units,
Pacific Gas and Electric Company and the PG&E National Energy Group
(PG&E NEG), have informed the California State Senate that they
did not engage in Enron-style trading strategies. On May 30, the
California State Senate's Select Committee to Investigate Price
Manipulation of the Wholesale Energy Market asked California's investor-owned
electric utilities and other energy providers to submit information
on their power marketing and trading activities in the California
energy market.
In May, PG&E NEG and Pacific
Gas and Electric Company responded to a similar request by the Federal
Energy Regulatory Commission (FERC). Both businesses responses to
FERC, as well as today's responses to the California State Senate,
specifically denied engaging in the Enron strategies.
The Corporation is pleased
to cooperate with the California State Senate's investigation and
hopes that this will assist in restoring confidence in the energy
markets as speculation is replaced by fact.
Copies of Pacific
Gas and Electric Company's and PG&E
NEG's responses to FERC are available for viewing at www.pgecorp.com.
Copies of the press releases summarizing the Companies' respective
responses to FERC may also be viewed at www.pgecorp.com.